Prices of New Homes Gain in San Francisco, Sales Decline According to Recent Data
Posted on: Mar 06, 2014 07:38:09 AM
In December, there was a fall year-over-year in new home closings in the San Francisco, CA market, but the percentage decline was an improvement from November 2013, suggesting the market may be evening out. New home closings saw a decline of 28.3% from the year earlier to 309. This was after the housing market saw a 46.0% fall year-over-year in November.
A total of 3,020 new homes were sold during the 12 months that ended in December, down from 3,142 for the year that ended in November.
Out of all housing closings, new home closings made up 7.2%. This is down from the 8.4% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also sank year-over-year in December.
Pricing and Mortgage Trends
The average price of new homes rose year-over-year 28.1% in December to $805,198 per unit. This hike is an improvement over the 9.5% lift in November year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. It climbed 22.2% in December from a year earlier to $576,410. In November 2013, average mortgage size climbed 6.2% from a year earlier.